Oil Glut?

In the tradition of the Oil Shortages of the 1970's, there will be plenty of cheaper gas to purchase in the near future. The question is how near the future will be?

After a brief sojourn across the Commonwealth, it can be noted that the Labor Day Travelers were staying at home. Gasoline was unreasonably priced at $3.39 for regular 98 octane. It was $4.00 a gallon in others. People stayed home this weekend and watched Jerry Lewis again. Maybe they wanted to see the New Orleans disaster. It is sad how we love to watch ruin.

When President Carter imposed the national speed limit of 55 miles an hour, it took until 1984 until the summer time price of gas fell to almost 80 cents and in some places I believe it reached into the 60 cent range. Traffic was bliss. Three cheers for Robert Moses.

As the American people will "tank top", buy gasoline on station closing rumors and just frankly won't drive the extra mile, we are assured of an Oil Glut in the very near future. Hybrid Cars, Hydrogen, Ethanol, and maybe even cooking oil will change the motoring habits of millions. The crude will again pump from Iraq. The only problem is that 1 billion Chinese and 1.3 billion Indians need crude just as badly as Americans do.

Oil Glut? My best guess is on the Hydrogen.